This is a rather long read form Der Spiegel, so, please enjoy the article at your leisure:
It was Monti, of all people, “Super Mario,” as he’s called in Berlin. The affable economics professor from Lombardy, the man the German Chancellery felt was the best thing that could have happened to Italy. The man who could “save Europe,” at least according to Time magazine.
It was Monti, of all people, who dropped the bomb at 7 p.m. last Thursday. At the European Council summit in Brussels, the Italian prime minister announced he would not agree to the growth pact unless the European heads of state and government did something about the high interest rates Italy is being forced to pay on its government bonds. And Monti wasn’t the only one. His Spanish counterpart, Mariano Rajoy, stood behind him.
Europe, and the World are now a very different place. Infighting, dis-unity, and angst about what is next…stay tuned!